Uzbekistan Advances Central Bank Regulatory Reform

Tashkent, Uzbekistan (UzDaily.com) — The Legislative Chamber of the Oliy Majlis of Uzbekistan has reviewed in the first reading a draft law aimed at further improving the activities of the Central Bank, strengthening its institutional independence, and enhancing the stability of the banking system.

The document provides that inspections of the Central Bank, its territorial divisions, and affiliated organizations will be conducted based on a decision of the Senate of the Oliy Majlis or in cases directly stipulated by legislation.

It is also proposed to simplify the procedures for approval and state registration of the Central Bank’s regulatory legal acts, including documents establishing prudential standards for credit institutions, as well as requirements for corporate governance and risk management systems.

Special attention is given to the entry into force of regulatory acts issued by the regulator. The draft law introduces more flexible rules allowing for a rapid response to emergency situations in financial markets and the timely adoption of necessary regulatory measures.

Following the discussion, deputies of the Legislative Chamber supported the draft law and forwarded it to the Senate of the Oliy Majlis for consideration, noting its importance for strengthening supervision, improving risk management, and introducing international practices into Uzbekistan’s banking system.